KindredSpirit’s Kaleidoscope: A Sad State of Affairs

Previously I have written about the development of the Federal Reserve, discussed some of those who contributed and served as Controllers of the Currency up to the time of Franklin Roosevelt when the Glass-Steagall Act was passed that was to protect bank deposits from the newly founded investment banks who eyeballed with greed the penchant for taking risks.  Probably the worst blunder of the Congress was repeal of Glass-Steagall and putting  in place the Gramm-Leach and Biley Act that such greed was lying in wait for the right moment to strike.  Indeed, the banks had, in effect, become operating casino-style with a belief that the pot was always going to be filled with gold.  Lobbyists invaded the banking system up and down the ladder by Wall Street; finally, it got chewed up in the mid 2000s by overzealous credit agencies that literally handed out triple-A ratings like sweet candy. I remember while working in a bank how some of us worried about the leverage and risk of derivatives.  In a sense, it was a huge Ponzi Scheme and by laws passed that were purposely unregulated. That is why now we hear the constant reference to Wall Street as the culprits.  Financial lobbyists cooked the books in a sense by filtering what amounted to illegal tipoffs to Congressmen who made huge personal gains while telling constituents that on pending legislation, if passed, would benefit the good folks back home.  A milked cow gives only so much milk.

Just who were some of the principals involved either directly or because of the position of responsiblity held and inept leadership skills to manage their departments? As I mentioned the Glass-Seagall Act was axed and R. Rubin with the blessing of both the Republican Congress and President Clinton in 1999 to enact the Gramm-Leach and Biley Financial Services Modernization Act, as it was called.

That is the little dirty secret among many dirty little secrets that our American Govenment under both administrations have instituted for the so-called benefit of Americans but mostly to reap power and wealth for themselves.  The entire fault lies with the citizens who walk with blinders on in joyful self greed and fulfilled gratifications.


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